ITV has agreed to sell its stake in Irish broadcaster TV3 in a transaction worth approximately £70m in cash.

The sale is awaiting regulatory approval but should be completed by August 31.

In a statement, ITV said that "represents a further example of ITV's successful disposal programme of non-core assets," and added that it will "continue to focus on its core UK broadcasting operation and growing its revenues outside ITV1 advertising through developing its UK and international production and distribution businesses and its consumer operations."